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Peer-to-Peer Markets
Open accessAbstract
Peer-to-peer markets such as eBay, Uber, and Airbnb allow small suppliers to compete with traditional providers of goods or services. We view the primary function of these markets as making it easy for buyers to find sellers and engage in convenient, trustworthy transactions. We discuss elements of market design that make this possible, including search and matching algorithms, pricing, and reputation systems. We then develop a simple model of how these markets enable entry by small or flexible suppliers, and how they impact existing firms. Finally, we consider the regulation of peer-to-peer markets and the economic arguments for different approaches to licensing and certification, data, and employment regulation.
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“First, online gig platforms exhibit enhanced efficiency compared to traditional housekeeping businesses in facilitating key functions, such as matching and supervision processes (e.g., Cramer andKrueger 2016, Einav et al. 2016).”
From Skill-Biased Technical Change, Again? Online Gig Platforms and Local Employment (2025) · cites this paper as Einav et al. 2016
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“Meanwhile, for prospective business owners, although starting a new business carries inherent risks, online gig platforms help mitigate these risks by significantly reducing operational and marketing challenges through efficient matching algorithms and by providing access to an established client base (Einav et al. 2016).”
From Skill-Biased Technical Change, Again? Online Gig Platforms and Local Employment (2025) · cites this paper as Einav et al. 2016
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“Economists emphasized the ability of algorithms and crowd-sourced ratings and reputational information to reduce transaction costs and foster trust, enabling peers to compete in these new markets (Einav et al. 2016, Horton & Zeckhauser 2016, Sundararajan 2016).”
BackgroundPeer-to-peer and community-based markets: A comprehensive review
Sousa, T. M., Soares, T. A., Pinson, P., Moret, F., Baroche, T., & Sorin, E. (2019) · Renewable and Sustainable Energy Reviews · doi:10.1016/j.rser.2019.01.036 · Cited by 941
“P2P and community-based concepts have strongly been applied under a collaborative economy principle(8) as the structure that facilitates the exchange of commons amongst all agents (or peers) [26, 27], and they are rather distinct from the centralized structures seen in some traditional economic sectors.”
BackgroundUsing peer-to-peer energy-trading platforms to incentivize prosumers to form federated power plants
Morstyn, T., Farrell, N., Darby, S. J., & Mcculloch, M. (2018) · Nature Energy · doi:10.1038/s41560-017-0075-y · Cited by 764
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Sutherland, W., & Jarrahi, M. H. (2018) · International Journal of Information Management · doi:10.1016/j.ijinfomgt.2018.07.004 · Cited by 725
The Role of Surge Pricing on a Service Platform with Self-Scheduling Capacity
Cachon, G. P., Daniels, K. M., & Lobel, R. (2017) · Manufacturing & Service Operations Management · doi:10.1287/msom.2017.0618 · Cited by 741
Taylor, T. (2018) · Manufacturing & Service Operations Management · doi:10.1287/msom.2017.0678 · Cited by 533
“Finally, modeling and empirical work (e.g., Einav et al. 2016, Zervas et al. 2016) examines the impact of platform entry on incumbents.”
MethodBilateral Contract Networks for Peer-to-Peer Energy Trading
Morstyn, T., Teytelboym, A., & Mcculloch, M. (2019) · IEEE Transactions on Smart Grid · doi:10.1109/tsg.2017.2786668 · Cited by 479
“Sectors amenable to P2P trading are characterised by a lack of economies of scale, and diversity of demand [17].”
BackgroundMulticlass Energy Management for Peer-to-Peer Energy Trading Driven by Prosumer Preferences
Morstyn, T., & McCulloch, M. D. (2018) · IEEE Transactions on Power Systems · doi:10.1109/tpwrs.2018.2834472 · Cited by 549
“Two distinct types of P2P markets can be identified [29]: 1) P2P markets with individual sellers responsible for adjusting prices (e.”
BackgroundCrowdsourced Delivery - A Dynamic Pickup and Delivery Problem with Ad Hoc Drivers
Arslan, A., Agatz, N., Kroon, L., & Zuidwijk, R. (2016) · Transportation Science · doi:10.1287/trsc.2017.0803 · Cited by 449
“In line with these studies, Fatnassi et al. (2015) investigate the integration possibility of passengers and parcels transportation in the context of the automated transport systems for city logistics.”
BackgroundIs Home Sharing Driving up Rents? Evidence from Airbnb in Boston
Horn, K. M., & Merante, M. (2016) · Journal of Housing Economics · doi:10.1016/j.jhe.2017.08.002 · Cited by 423
Does Machine Translation Affect International Trade? Evidence from a Large Digital Platform
Brynjolfsson, E., Hui, X., & Liu, M. (2018) · doi:10.3386/w24917 · Cited by 408
Benjaafar, S., Kong, G., Li, X. R., & Courcoubetis, C. (2015) · Management Science · doi:10.1287/mnsc.2017.2970 · Cited by 459
Does Machine Translation Affect International Trade? Evidence from a Large Digital Platform
Brynjolfsson, E., Hui, X., & Liu, M. (2019) · Management Science · doi:10.1287/mnsc.2019.3388 · Cited by 408
“1.1.3 Peer-to-Peer Platforms and Matching Frictions Einav et al. (2016) and Goldfarb and Tucker (2017) provide great surveys on how digital technology has reduced matching frictions and improved market efficiency.”
BackgroundInfluentialThe Effect of Home-Sharing on House Prices and Rents: Evidence from Airbnb
Barron, K., Kung, E., & Proserpio, D. (2021) · Marketing science (Providence, R.I.) · doi:10.1287/mksc.2020.1227 · Cited by 328
“Because the literature on the topic is quite vast, here we focus only on papers that are closely related to ours and refer the reader to Einav et al. (2016) for an overview of the economics of peer-to-peer markets and to Proserpio and Tellis (2017) for a complete review of the literature on the…”
InfluentialWho Benefits from the "Sharing" Economy of Airbnb?
Giovanni Quattrone, A., Proserpio, D., Quercia, D., Capra, L., & Musolesi, M. (2016) · International World Wide Web Conference (WWW) · doi:10.1145/2872427.2874815 · Cited by 275
“[4] provide a discussion about licensing, employment regulation, data, and privacy regulation of the sharing economy.”
BackgroundScoping the Sharing Economy: Origins, Definitions, Impact and Regulatory IssuesPreprint
Codagnone, C., & Martens, B. (2016) · SSRN Electronic Journal · doi:10.2139/ssrn.2783662 · Cited by 272
“A very balanced position can also be found in Einav et al (2015), which is based on theoretical and empirical economics.”
BackgroundInfluentialHe, S., Hollenbeck, B., & Proserpio, D. (2020) · ACM Conference on Economics and Computation · doi:10.2139/ssrn.3664992 · Cited by 240
“Fake reviews may be particularly harmful because they not only deceive consumers into purchasing products or visiting firms like restaurants or hotels that may be of low quality, they also erode the long-term trust in the review platforms that is crucial for online markets to flourish (Cabral and Hortacsu, 2010; Einav…”
Backgroundvan Leeuwen, G., AlSkaif, T. A., Gibescu, M., & van Sark, W. G. J. H. M. (2020) · Applied Energy · doi:10.1016/j.apenergy.2020.114613 · Cited by 276
“These new types of markets are called Peer-To-Peer (P2P) markets [12].”
BackgroundInfluentialThe limits of reputation in platform markets: An empirical analysis and field experiment
Nosko, C., & Tadelis, S. (2026) · Quantitative Marketing and Economics · doi:10.1007/s11129-026-09313-1 · Cited by 11
“Einav et al. (2016) place reputation and trust mechanisms among the central design challenges of peer-to-peer marketplaces.”
The Sharing Economy and Housing Affordability: Evidence from Airbnb
Barron, K., Kung, E., & Proserpio, D. (2018) · ACM Conference on Economics and Computation · doi:10.1145/3219166.3219180 · Cited by 193
“See Einav et al. (2016) for an overview of the economics of peer-to-peer markets, including the specific technological innovations that have facilitated their growth.”
BackgroundInfluentialA Novel Peer-to-Peer Local Electricity Market for Joint Trading of Energy and Uncertainty
Zhang, Z., Li, R., & Li, F. (2020) · IEEE Transactions on Smart Grid · doi:10.1109/tsg.2019.2933574 · Cited by 191
“The P2P market can be organized in a centralized or decentralized manner [7].”
BackgroundA Balancing Act of Regulating On-Demand Ride Services
Yu, J. J., Tang, C. S., Shen, Z. M., & Chen, X. M. (2019) · Management Science · doi:10.1287/mnsc.2019.3351 · Cited by 222
“Many researchers have been inspired by start-up companies that exploit advanced modern mobile technologies to facilitate peer-to-peer sharing of products (Fraiberger and Sundararajan 2015, Jiang and Tian 2018) and services (Hall et al. 2015,Azevedo andWeyl 2016, Einav et al. 2016).”
BackgroundOwning, Using, and Renting: Some Simple Economics of the “Sharing Economy”
Filippas, A., Horton, J. J., & Zeckhauser, R. (2020) · Management Science · doi:10.1287/mnsc.2019.3396 · Cited by 99
“Einav et al. (2016) develop a model where rental platforms reduce entry costs for individual providers, for whom it would have previously been unprofitable to enter the market.”
Codagnone, C., Fabienne, A., & Federico, B. (2016) · SSRN Electronic Journal · doi:10.2791/431485 · Cited by 96
“Certainly, if growth continues at this fast pace, these new markets could encroach on traditional and long-term forms of employment (Einav et al., 2015, p. 20).”
Search, Matching, and the Role of Digital Marketplace Design in Enabling Trade: Evidence from AirbnbPreprint
Fradkin, A. (2017) · SSRN Electronic Journal · doi:10.2139/ssrn.2939084 · Cited by 96
“Innovative pricing and matching mechanisms such as auctions (Einav et al. (Forthcoming), employer initiated search (Horton (Forthcoming)), and surge pricing (Hall, Kendrick and Nosko (2016)) are frequently used to clear the market. The informational structure of the market, including the ability to post photos (Lewis…”
BackgroundPeer-to-peer electricity market analysis: From variational to Generalized Nash Equilibrium
Cadre, H. L., Jacquot, P., Wan, C., & Alasseur, C. (2019) · European Journal of Operational Research · doi:10.1016/j.ejor.2019.09.035 · Cited by 158
“Peer-to-peer organizations are also a way to enable small and flexible actors to enter markets by lowering the entrance barrier [3].”
BackgroundThe Current and Future State of the Sharing EconomyPreprint
Yaraghi, N., & Ravi, S. (2017) · SSRN Electronic Journal · doi:10.2139/ssrn.3041207 · Cited by 174
“A deeper economic analysis can look at this issue from a regulatory perspective on sharing and the use of individual data (Einav et al., 2016).”
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Kenney, M. F., Bearson, D., & Zysman, J. (2019) · Socio-Economic Review · doi:10.1093/ser/mwab014 · Cited by 207
“…can be considered exchange platforms, and are fundamentally era of “sharing” was dawning and that platforms would decentralize power, allowing individuals and small businesses to compete with traditional firms (Einav et al. , 2016; Frenken and Schor, 2017; Schor, 2016; Sundararajan, 2013, 2016).”
BackgroundNadeem, W., Juntunen, M., Hajli, N., & Tajvidi, M. (2019) · Journal of Business Ethics · doi:10.1007/s10551-019-04314-5 · Cited by 166
The Passions and the Interests: Unpacking the 'Sharing Economy'Preprint
Codagnone, C., Biagi, F., & Fabienne, A. (2016) · SSRN Electronic Journal · doi:10.2139/ssrn.2793901 · Cited by 139
“35 Ratings can be biased and inflated and it is possible that platforms present the results of search in a way that is more convenient to them than to the users (Einav et al., 2015).”
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“P2P energy-trading platforms could be used as part of these initiatives to raise awareness and to incentivize local users to support the markets amenable to P2P trading, and are characterized by demand variability, diversity and low production economies of scale [64].”
BackgroundPrivacy in the Sharing Economy
Berlin, T., Teubner, T., & Flath, C. M. (2019) · Journal of the Association for Information Systems · doi:10.17705/1jais.00534 · Cited by 129
“Einav, Farronato, and Levin (2015, p. 629) note that peer-to-peer marketplaces “rely extensively on user data and algorithms to match buyers and sellers, set prices, and monitor behavior”.”
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“Einav et al. (2016) provide a detailed review of the matching and pricing mechanisms in peer-to-peer markets.”
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“A different source of biased reviews with the same result is described by Einav et al. (2016), who note that following a mildly positive experience, users may exaggerate how positive it was, thus leading to review inflation (see also Filippas et al., 2022).”
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Product Pricing in a Peer-to-Peer Economy
Weber, T. A. (2016) · Journal of Management Information Systems · doi:10.1080/07421222.2016.1205933 · Cited by 108
Designing Online Marketplaces: Trust and Reputation Mechanisms
Luca, M. (2017) · Innovation Policy and the Economy · doi:10.1086/688845 · Cited by 105
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“[16] took a systematic approach and spelled out pros and cons of a few cities’ current regulations.”
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“As a consequence, establishing trust between sellers and customers is a key challenge for peer-to-peer platforms (Einav, Farronato, & Levin, 2016).”
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“On the supply side, platforms and digital distribution channels lower the costs of entry for small providers, enabling smaller providers to reach buyers more easily and providing them with flexibility (Chen et al. , 2019b; Einav, Farronato, and Levin, 2016).”
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“The premise of Airbnb as an online platform matches owners (i.e. hosts) with buyers (i.e. guests) while maintaining a reputation system that has been touted as the main driver behind its rise and growing popularity (Einav, Farronato, & Levin, 2016).”
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“A borrower’s decision to apply for a 1 According to Einav et al. (2016), peer-to-peer platforms share common elements of market design, including the use of search and matching algorithms, pricing and reputation systems. loan on a platform depends on how many lenders are willing to lend through…”
BackgroundGong, J. Z., & Song, Y. A. (2017) · SSRN Electronic Journal · doi:10.2139/ssrn.2971072 · Cited by 69
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Liu, H., Li, J., Ge, S., He, X., Li, F., & Gu, C. (2020) · IEEE Access · doi:10.1109/access.2020.2983645 · Cited by 81
“Two major trading mechanisms are now used in P2P transaction markets [7].”
BackgroundRaza, A., Li, J.-Z., Adnan, M., & Ahmad, I. (2024) · Results in Engineering · doi:10.1016/j.rineng.2024.102188 · Cited by 65
Crowdsourced logistics: The pickup and delivery problem with transshipments and occasional drivers
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“Trust-generating mechanisms include, for example, background checks, reviews, and testimonials [12].”
BackgroundWhat Airbnb does to the housing market
Benítez-Aurioles, B., & Tussyadiah, I. P. (2020) · doi:10.1016/j.annals.2020.103108 · Cited by 65
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Consumer attitude and intention toward ridesharing
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The sharing economy: A critical review and research agenda
Rojanakit, P., de Oliveira, R. T., & Dulleck, U. (2021) · Journal of Business Research · doi:10.1016/j.jbusres.2021.10.045 · Cited by 131
Adoption of New Information and Communications Technologies in the Workplace Today
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Peer Engagement Behaviors: Conceptualization and Research Directions
Lin, M., Miao, L., Wei, W., & Moon, H. G. (2019) · Journal of Service Research · doi:10.1177/1094670519865609 · Cited by 64
“For example, Uber uses rider reviews to screen out problematic drivers and also shows drivers ratings of potential riders so that riders who behave badly find it difficult to secure a ride in the future (Einav, Farronato, and Levin 2016).”
BackgroundInfluentialImpact of Marketplace Lending on Consumers’ Future Borrowing Capacities and Borrowing Outcomes
Chava, S., Ganduri, R., Paradkar, N., & Zhang, Y. (2021) · Journal of Financial Economics · doi:10.1016/j.jfineco.2021.06.005 · Cited by 56
Motivators behind information disclosure: Evidence from Airbnb hosts
Liang, S., Li, H., Liu, X., & Schuckert, M. R. (2019) · Annals of Tourism Research · doi:10.1016/j.annals.2019.03.001 · Cited by 62
Shared Prosperity (or Lack Thereof) in the Sharing EconomyPreprint
Alyakoob, M., & Rahman, M. (2019) · Information systems research · doi:10.2139/ssrn.3180278 · Cited by 55
“By providing access to underutilized inventory (Einav et al. 2016), home sharing platforms have the potential to attract the visitors of a city to vicinities that are not traditional tourist destinations.”
BackgroundOwning, Using and Renting: Some Simple Economics of the Sharing EconomyPreprint
Horton, J. J., & Zeckhauser, R. (2016) · SSRN Electronic Journal · doi:10.2139/ssrn.2730850 · Cited by 53
“Another closely related paper (in part) is Einav et al. (2015), which covers some of the same ground in explaining why peer-to-peer markets are flourishing now.”
Trustless Intermediation in Blockchain-Based Decentralized Service Marketplaces
Klems, M., Eberhardt, J., Tai, S., Härtlein, S., Buchholz, S., & Tidjani, A. (2017) · International Conference on Service Oriented Computing · doi:10.1007/978-3-319-69035-3_53 · Cited by 54
“However, relying on reputation as a trust building factor alone can lead to entry barriers for new sellers from whom buyers are less inclined to purchase [7, 15].”
BackgroundInfluentialMartins, J., Parente, M., Amorim-Lopes, M., Amaral, L., Figueira, G., Rocha, P., & Amorim, P. (2022) · IEEE transactions on engineering management · doi:10.1109/tem.2020.3021242 · Cited by 53
“A widely used solution is the implementation of reputation systems that rank users in function of their trustwor-thiness [16], [19], [43].”
MethodSharing Economy: Promote Its Potential to Sustainability by Regulation
Liu, X., & Chen, H. (2020) · Sustainability · doi:10.3390/su12030919 · Cited by 60
“[54] and Ranchordás [43] stress the importance of timing of regulatory interventions and suggest that early-stage regulation should be loose.”
BackgroundTrade‐In or Sell in My P2P Marketplace: A Game Theoretic Analysis of Profit and Environmental Impact
Vedantam, A., Demirezen, E. M., & Kumar, S. (2021) · Production and Operations Management · doi:10.1111/poms.13558 · Cited by 58
“In contrast, in a P2P resale marketplace setting, the used product prices are determined endogenously in the marketplace between potential sellers and buyers (Einav et al. 2016, Jiang et al. 2017).”
BackgroundTouristification, Airbnb and the tourism-led rent gap: Evidence from a revealed preference approach
Cheung, K. S., & Yiu, C. Y. (2022) · Tourism Management · doi:10.1016/j.tourman.2022.104567 · Cited by 58
Crowdsourced Delivery - a Pickup and Delivery Problem with Ad-hoc Drivers
Arslan, A., Agatz, N., Kroon, L., & Zuidwijk, R. (2016) · doi:10.2139/ssrn.2726731 · Cited by 49
“Moreover, to ensure the reliability and trustworthiness of the ad-hoc drivers, it could use various feedback mechanisms and external regulations (see Einav et al. (2015) for an overview of P2P trust generating mechanisms).”
The Battle for Homes: How Does Home Sharing Disrupt Local Residential Markets?Preprint
Chen, W., Wei, Z.-Y., & Xie, K. L. (2019) · Management Sciences · doi:10.2139/ssrn.3257521 · Cited by 48
Ge, S., Li, J.-F., He, X.-T., & Liu, H. (2021) · doi:10.1016/j.apenergy.2021.117060 · Cited by 47
Airbnb and hotels during COVID-19: different strategies to survive
Gyódi, K. (2021) · International Journal of Culture, Tourism and Hospitality Research · doi:10.1108/ijcthr-09-2020-0221 · Cited by 47
“This22 means Airbnb supply is more flexible and can better react to the fluctuation23 of demand (Einav et al., 2016).”
BackgroundRegulating Professional Players in Peer-to-Peer Markets: Evidence from AirbnbPreprint
Chen, W., Wei, Z.-Y., & Xie, K. L. (2019) · Management Sciences · doi:10.2139/ssrn.3450793 · Cited by 47
Prosumer Markets: A Unified Formulation
Baroche, T., Moret, F., & Pinson, P. (2019) · 2019 IEEE Milan PowerTech · doi:10.1109/ptc.2019.8810474 · Cited by 47
“data and employment regulation – are fundamental but still open topics [3].”
BackgroundShort-term rental and its regulations on the home-sharing platform
Chen, Y., Huang, Y., & Tan, C. (2020) · Information & Management · doi:10.1016/j.im.2020.103322 · Cited by 61
Zotti, G. D., Pourmousavi, S., Madsen, H., & Poulsen, N. K. (2018) · IEEE Access · doi:10.1109/access.2018.2805330 · Cited by 45
“Typically, different surgepricing algorithms are used for pricing and the generated price varies as supply and demand conditions change [41].”
BackgroundA peer-to-peer platform for decentralized logistics
Gallay, O., Korpela, K., Tapio, N., & Nurminen, J. (2017) · tub.dok (Hamburg University of Technology) · doi:10.15480/882.1473 · Cited by 45
“While the shared economy helps smaller players to enter the market to perform the actual work (Einav, Farronato, and Levin, 2016), the competition at themore lucrativemanagement layer tends to fade.”
BackgroundCream Skimming and Information Design in Matching Markets
Romanyuk, G., & Smolin, A. (2019) · American Economic Journal: Microeconomics · doi:10.1257/mic.20170154 · Cited by 44
“Einav, Farronato, and Levin (2016) name eliciting and aggregating the dispersed user information as a key objective of peer-to-peer platforms. of acceptance.”
BackgroundStrategic Prosumers-Based Peer-to-Peer Energy Market Design for Community Microgrids
Zhang, Z., Tang, H., Ren, J., Huang, Q. P., & Lee, W. (2021) · IEEE Transactions on Industry Applications · doi:10.1109/tia.2021.3064523 · Cited by 58
“By drawing on a similar transaction mode across many commercial areas [4], the P2P energy market capable to organize transactions among a large number of fragmented customers [5], which not only provide consumers with greater choice and cheaper energy but also effectively promote the local consumption of DERs [6], [7].”
BackgroundYaldız, A., Gökçek, T., Sengor, I., & Erdinç, O. (2021) · Sustainable Energy, Grids and Networks · doi:10.1016/j.segan.2021.100540 · Cited by 41
Metadata
- Authors
- Einav, L., Farronato, C., & Levin, J.
- Affiliations
- Department of Economics, Stanford University, Stanford, California 94305-6072;,
- National Bureau of Economic Research (US)
- Venue
- Annual Review of Economics
- Publisher
- Annual Reviews
- Published
- 2016-10-31
- Volume
- 8
- Issue
- 1
- Pages
- 615-635
- ISSN
- 1941-1383 (ISSN-L)
- 1941-1391
- OpenAlex
- W2144931085
- Cited by
- 553
- References
- 46
- Citations by year
- 2026: 38 · 2025: 35 · 2024: 37 · 2023: 49 · 2022: 70 · 2021: 74 · 2020: 81 · 2019: 58 · 2018: 55 · 2017: 38 · 2016: 15
- FWCI
- 14.15
- Type
- journal article
- Language
- en
- Open access
- bronze
- doi.org
- Locations
- Annual Review of Economics (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Funders
- National Science Foundation
- Alfred P. Sloan Foundation
- Stanford Institute for Economic Policy Research
- Topics
- Social Sciences › Business, Management and Accounting › Marketing › Sharing Economy and Platforms
- Social Sciences › Business, Management and Accounting › Strategy and Management › Digital Platforms and Economics
- Social Sciences › Sociology and Political Science › Digital Economy and Work Transformation
- Keywords
- peer-to-peer markets, market design, pricing, reputation systems, market entry, data regulation, employment regulation
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